Merced VA Loan Rates, Closing Costs & Stats

MERCED, CA

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    • A VA loan is a mortgage loan that’s backed by the Department of Veterans Affairs (VA) for those who have served or are presently serving in the U.S. military. The VA does not directly lend, it guarantees the loans made by private lenders to veterans, active military personnel, and qualifying military spouses.

    The most obvious benefit of VA loans is that no downpayment is necessary to purchase a home. They will also typically have significantly lower fees-- meaning that if you're eligible to receive a VA loan, it will likely be the most favorable option. VA loans come in 3 varities: purchase, refinance and cash out refis.

    For additional benefits of VA loans, click here.

    Merced's 39 lenders originated 120 VA loans during 2023. The total origination value was $46,350,000, with an average VA loan value of $386,250.

    Merced VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Merced averaged 6.4% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

    Merced's average VA mortgage closing costs are $6,578.

    The average rate for the prior week (2024-11-01) was 6.55% and one month ago for the week of 2024-10-04, the average rate was 5.88%.

    The average rate one year ago was 7.54%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.43%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Merced VA Loan Lenders by Rates & Fees

    The below table looks at the average fees/closing costs and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Merced level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 19 6.11% $11,768
    AMERICAN FINANCIAL NETWORK, INC. 12 6.73% $9,366
    Mortgage Research Center, LLC 10 6.58% $6,940
    QUICKEN LOANS, LLC 10 6.43% $11,133
    LOANDEPOT.COM, LLC 5 5.47% $20,465
    FREEDOM MORTGAGE CORPORATION 5 6.75% $15,619
    DHI MORTGAGE COMPANY, LTD. 5 5.65% $7,903
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 4 5.75% $9,392
    CARDINAL FINANCIAL 4 6.66% $16,747
    NAVY FEDERAL CREDIT UNION 4 5.75% $3,985
    CROSSCOUNTRY MORTGAGE, LLC 3 5.75% $9,847
    VILLAGE CAPITAL MORTGAGE 2 6.88% $7,657
    Century Mortgage Company DBA Century Lending Company 2 6.25% $18,443
    INSPIRE HOME LOANS INC. 2 5.38% $3,505
    Lakeview Community Capital, LLC 2 5.69% $14,635
    Mr. Cooper ( Nationstar Mortgage ) 2 5.81% $14,239
    NEW DAY FINANCIAL, LLC 2 7.49% $13,389
    ACADEMY MORTGAGE CORPORATION 2 6.00% $7,995
    Equity Prime Mortgage LLC 1 6.50% $18,910
    TOP FLITE FINANCIAL, INC. 1 6.75% $17,643
    Nations Lending Corporation 1 5.75% $13,261
    ENVOY MORTGAGE, LTD 1 6.75% $11,721
    NETWORK CAPITAL FUNDING CORPORATION 1 5.25% $8,731
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 5.13% $5,164
    OCMBC, INC. 1 7.13% $10,267
    PACIFIC RESIDENTIAL MORTGAGE, LLC 1 7.13% $4,482
    PANORAMA MORTGAGE GROUP, LLC 1 7.25% $20,427
    Paramount Residential Mortgage Group, Inc. 1 6.75% $3,598
    PENNYMAC LOAN SERVICES, LLC 1 5.13% $26,319
    PENTAGON FEDERAL CREDIT UNION 1 5.38% $5,490
    PLAZA HOME MORTGAGE, INC. 1 5.75% $19,464
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.25% $7,478
    DIRECTIONS EQUITY, LLC 1 6.25% $9,546
    RESIDENTIAL BANCORP 1 6.63% $24,719
    SCENIC OAKS FUNDING, INC. 1 5.50% $13,966
    The Federal Savings Bank 1 6.75% $13,928
    GUARANTEED RATE, INC. 1 5.65% $10,857
    Magnolia Bank 1 6.13% $12,835
    MASON MCDUFFIE MORTGAGE CORPORATION 1 5.75% $11,153

    The top Merced VA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 19 VA loans originated. Their average total fees are $11,768, which is $2,402 higher than the next largest lender, AMERICAN FINANCIAL NETWORK, INC..

    The lowest fee Merced VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($6,940), AMERICAN FINANCIAL NETWORK, INC. ($9,366), QUICKEN LOANS, LLC ($11,133), UNITED WHOLESALE MORTGAGE, LLC ($11,768) and .

    The lowest rate Merced VA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.11%), QUICKEN LOANS, LLC (6.43%), Mortgage Research Center, LLC (6.58%), AMERICAN FINANCIAL NETWORK, INC. (6.73%) and .

    VA Loan Features

  • No down payment required
  • Negotiable and competitive interest rate.
  • Ability to finance the VA funding fee (plus reduced funding fees with a down payment of at least 5 percent and exemption for veterans receiving VA compensation).
  • VA rules limit the amount you can be charged for closing costs.
  • Closing costs are comparable with other financing types (and may be lower).
  • Closing costs may be paid by the seller.
  • No private mortgage insurance premiums are required.
  • An assumable mortgage.
  • Right to prepay your mortgage without penalty.
  • For homes inspected by VA during construction, a warranty from builder and assistance from VA to obtain cooperation of builder.
  • VA assistance to veteran borrowers in default due to temporary financial difficulty.